Brazil's and India's governments are planning to create investment incentives for businesses from the two countries for mutual market access. Brazil's President Michel Temer and India's Prime Minister Narendra Modi met in Goa, India, to discuss the matter yesterday.

According to the Brazilian government, the meeting helped advance negotiations for the Agreement on Cooperation and Investment Facilitation, particularly toward improving legal certainty for investors. The agreement is expected to enable Brazilian companies to have a greater presence in the Indian market and vice-versa.

After a meeting with business leaders and the Prime Minister of India, Temer said he felt there was “keen interest” among Brazilian businesses in investing in India. He used the meeting to talk about the current infrastructure projects in Brazil and encourage Indian business entrepreneurs to do the same, and especially mentioned Brazil's Crescer (“Grow”) programme, which has launched 34 new projects in ports, airports, highways, railways, energy, and oil and gas.

“We all know that India has deeply changed in recent years. It is today a major global economy, which grows at high rates and has many complementarities with Brazil,” Temer said noting that Brazil has entered a transformation process aimed at reviving economic growth.

The Brazilian president also took the opportunity to resume the strategic partnership between the two member countries of the BRICS bloc, made up by Brazil, Russia, India, China, and South Africa. “This visit relaunched our strategic partnership, which will translate into more competitive insertion in global markets and support the development of our societies. We hope this meeting will further expand our relationships.”